Summary
Via Verde is a planned 248-unit townhome development located in Albuquerque, NM. Once complete, the new complex will include modern amenities and provide Albuquerque with a state-of-the-art rental property, which will appeal to both single renters and families.
Opportunity
NGC provided $33.2 million in C-PACE financing alongside repeat partner, Sundance Bay, for the Via Verde townhome development. The Sponsor, Albuquerque-based Sonata Trails leveraged C-PACE capital mid-stream to pay down existing debt. Through C-PACE, the Sponsor was able to realize savings, while ensuring the asset's successful completion.
By strategically sequencing the senior lender’s disbursements, the Sponsors optimized their cost of capital while reducing interest expenses and enhancing overall project returns. This innovative approach demonstrates how C-PACE can support large-scale urban development while delivering both environmental and financial benefits.
